Business News North Africa October 2024

Business

EGYPT – Saudi Arabia’s ACWA Power to build a USD 1.5 bn wind farm in Egypt

Saudi company ACWA Power has reportedly secured a contract worth USD 1.5 bn to build a 1,100 megawatts wind farm in the Gulf of Suez region. Preliminary studies for the project have been concluded and the final contracts are set to be signed before the end of 2024. The project will cover an area of 146 square kilometers along the Red Sea coast. The wind farm will include a total of 138 turbines, each generating around?8?megawatts.

Sep. 18, 2024

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EGYPT – China’s Chemtics Chemicals builds a calcium hypochlorite production unit in Egypt

Chinese company Chemtics Chemicals has launched the construction of a new production unit for calcium hypochlorite, used mainly for wastewater treatment. Located in the Sokhna industrial zone, on the western coast of the Gulf of Suez, the project has an investment budget of USD 30.0 mn. It will span over an area of 60,000 square meters and have an annual production capacity of 40,000 tonnes of calcium hypochlorite.

Sep. 22, 2024

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MOROCCO – German company Leoni inaugurates its sixth factory in Morocco

German wire harness manufacturer Leoni has inaugurated a new production unit in Agadir, southern Morocco. The factory is Leoni’s sixth in the country and first outside of the Casablanca region. It required an investment of MAD 188 mn (EUR 17.4 mn) and is set to generate 3,000 new jobs by 2026.

Sep. 2, 2024

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MOROCCO – Spanish aeronautical components manufacturer Aciturri launches a factory in Morocco

Spanish aeronautical components manufacturer Aciturri has inaugurated a new production unit in the Nouaceur industrial park, near Casablanca. The factory will specialize in the production of aircraft engine components. The project has a budget of MAD 25.0 mn (EUR 2.3 mn) and is expected to generate 100 new jobs.

Oct. 2, 2024

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TUNISIA – Italy’s Zoppas Industries launches its first African factory in Tunisia

Italian company Zoppas Industries, specializing in heating solutions, has inaugurated a factory in Monastir, eastern Tunisia. The implantation is Zoppas Industries’ first investment in Africa. The project has a budget of TND 5.0 mn (EUR 1.5 mn) and is expected to generate around 1,000 new jobs. Spanning over an area of?20,000 square meters, the factory will produce heating resistors.

Sep. 27, 2024

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ALGERIA – Chinese bus manufacturer Yutong enters the Algerian market

Chinese bus manufacturer Yutong has announced its expansion into the Algerian market. The company will market four types of vehicles in Algeria: three models of large buses for long distances, urban transportation, and interurban transportation, as well as a minibus model for school transportation. Yutong is set to open five centers across Algeria for after-sale services.

Sep. 20, 2024

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ALGERIA – Chinese automotive manufacturer Baic relaunches its factory in Algeria

Chinese automotive manufacturer Baic has announced the resumption of its Algerian factory’s activity after a four-year suspension. The activity was initially suspended due to the non-respect of some requirements by Algerian authorities, notably the factory’s low rate of local integration. Baic has decided to expand the production unit in order to increase the local integration rate from 26% to 55%. The production capacity of the factory is estimated to reach 150 vehicles per day in less than two years.

Oct. 3, 2024

Politics

EGYPT – Egypt and Turkey sign 17 MoUs to boost bilateral cooperation

Egypt and Turkey have signed 17 memoranda of understanding during a State visit of Egyptian President Abdel Fatah El-Sisi to Ankara, with the aim of reaching USD 15.0 bn worth of annual bilateral trade in the coming years. Two of the signed agreements relate to the establishment of joint industrial parks in Egypt. Other agreements cover the sectors of higher education and scientific research, railways, civil aviation, telecommunications, agriculture, healthcare, business funding, tourism, energy, labor, environment protection, and urban development.

Sep. 4, 2024

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MOROCCO – Morocco allocates over EUR 230 mn to compensate families affected by flash floods

The Moroccan government has allocated a budget of MAD 2.5 bn (EUR 232 mn) to compensate the populations affected by flash floods in southeastern Morocco. The floods hit several provinces near the border with Algeria, killing at least 18 people and destroying or damaging over 1,100 houses. Citizens whose houses were fully destroyed will receive a compensation of MAD 140,000 (EUR 13,000), while those with partially damaged properties will receive MAD 80,000 (EUR 7,400).

Sep. 26, 2024

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TUNISIA – Tunisian President Kais Saied gets reelected with 90.7% of votes

Tunisian President Kais Saied has been reelected for five additional years after obtaining 90.69% of the votes during the October 6 presidential elections. Candidate Ayachi Zammel (independent) arrived second with 7,35% of the votes, while Zouheir Maghzaoui (left) arrived third with 1.97%. The turnover rate in the elections stood at?28.8%.

Oct. 7, 2024

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ALGERIA – Algerian President Abdelmadjid Tebboune wins elections with 84.3% of votes

Algerian President Abdelmadjid Tebboune has been reelected for a new five-year mandate, following his victory in the presidential elections of September 7. President Tebboune obtained 84.3% of the expressed votes. Abdelali Hassani Cherif, from the Movement of Society for Peace (Islamist), arrived second with 9.6% of the votes. Meanwhile, Youcef Aouchiche, from the Front of Socialist Forces (leftist), obtained 6.1% of the votes. The elections witnessed a participation rate of 46.1%.

Sep. 14, 2024

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ALGERIA – Algeria imposes visa on Moroccan visitors

The Algerian government has decided to impose an entry visa on all Moroccan passport holders. Morocco and Algeria have been linked by a visa exemption agreement that remained in place despite the suspension of diplomatic relations in August 2021. Algerian authorities accused Morocco of “profiting from the visa exemption agreement to conduct many hostile actions towards Algeria’s stability and national security, through organized crime, drug trafficking, human trafficking, irregular migration, and spying.”

Sep. 26, 2024

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ALGERIA – Algeria officially terminates the mission of its ambassador to France

Algerian President Abdelmadjid Tebboune has officially terminated the mission of Algeria’s ambassador to France, Said Moussi. The Algerian diplomat was recalled from Paris on July 30, following France’s official recognition of Morocco’s sovereignty over Western Sahara. The position will therefore remain vacant, amidst the diplomatic crisis between France and Algeria.

Oct. 3, 2024

Economy

EGYPT – Egypt’s annual inflation rate increases to 26.2% in August 2024

Egypt’s annual inflation rate increased to 26.2% in August 2024, up from 25.7% in July 2024. Fruits and vegetables remain the most affected by inflation, with their prices increasing by 35.9% between August 2023 and 2024.

Sep. 10, 2024

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EGYPT – Egypt records a 2.4% annual GDP growth in the 2023-2024 fiscal year

Egypt has recorded a 2.4% annual GDP growth in the 2023-2024 fiscal year, from July 2023 to June 2024. The figure is lower than the 3.8% growth rate recorded in the 2022-2023 fiscal year. The manufacturing sectors that witnessed notable annual growth in activity were ready-made clothing (54.2%), textiles (23.8%), and electronic products (14.9%). Meanwhile, extraction activities recorded a 4.7% decline, mainly natural gas (-13.1%) and crude oil (-1.8%). In the services sector, most domains witnessed positive growth, notably communications and IT (14.4%), tourism (9.9%), construction (5.7%), and social services (5.6%).

Oct. 3, 2024

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MOROCCO – Annual inflation rate in Morocco increases to 1.7% in August 2024

Morocco’s annual inflation rate has increased from 1.3% in July 2024 to 1.7% in August. The figure is attributed to a 2.0% increase in the prices of food products and a 1.4% increase for non-food products. For non-food products, price variations range from a 1.4% decline for health services to a 3.7% rise for housing, water, gas, and electricity.

Sep. 20, 2024

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MOROCCO – Morocco records 2.4% economic growth in Q2-2024

The Moroccan economy has recorded a 2.4% growth rate in the second quarter of 2024, down from 2.5% In the same period of 2023. Non-agricultural activity witnessed a 3.2% annual increase between April and June, while agricultural activity decreased by 4.5%.

Sep. 30, 2024

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TUNISIA – Annual inflation rate in Tunisia declines to 6.7% in August 2024

Tunisia’s annual inflation rate has maintained its downward trend, decreasing to 6.7% in August 2024, down from 7.0% in July and 7.3% in June. The decline is mainly attributed to a drop in the inflation rate of food products, from 9.4% in July to 8.5% in August. Meanwhile, manufactured goods witnessed a 6.7% increase in prices over the year and services a 5.1% rise.

Sep. 5, 2024

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ALGERIA – Annual inflation rate in Algeria drops to 4.9% in August 2024

Algeria’s annual inflation rate has dropped from 6.4% in July 2024 to 4.9% in August. The figure is attributed to an increase in the prices of household items (5.2%), food products (5.0%), clothing items (4.4%), and health and hygiene products (3.8%). Meanwhile, the prices of education, culture, and entertainment services witnessed a?1.2% decrease over the year.

Sep. 29, 2024

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